by Net sales for the full first half fell 3.1% to $80.2 billion
ATLANTA — Home improvement resource The Home Depot, which has incorporated furniture and related home décor into its e-commerce offerings, reported a decrease in sales and earnings for its second fiscal quarter ended July 30.
Total sales were $42.9 billion for the quarter, down 2% from the $43.8 billion reported during the same period last year, while net earnings were $4.7 billion, or $4.65 per diluted share, down from net earnings of $5.2 billion, or $5.05 per share, the same period in 2022.
For the full first half, the company reported net sales of $80.2 billion, down 3.1% from the $82.7 billion reported the same period last year. Its net earnings totaled $8.5 billion, or $8.46 per share, compared to $9.4 billion, or $9.13 per share, in the first half of fiscal 2022.
During the second quarter, the company also reported operating expenses of $6.9 billion, up 3.9% from the $6.65 billion reported the same period last year. For the full first half, operating expenses were level, at $13.27 billion, compared to $13.26 billion last year.
Operating income fell 8.6% during the quarter to $6.6 billion, from $7.2 billion the same period last year, an 8.6% decline. For the full first half, operating income was $12.1 billion, down 7.6% from the $13.1 billion reported during the first half of 2022.
“We were pleased with our performance in the second quarter,” said Ted Decker, chairman, president and CEO. “While there was strength in categories associated with smaller projects, we did see continued pressure in certain big-ticket, discretionary categories. We remain very positive on the medium to long-term outlook for home improvement and our ability to grow share in a large and fragmented market. Our associates did an outstanding job delivering value and service for our customers throughout the quarter and I would like to thank them for their dedication and hard work.”
The retailer also reported a total customer average ticket of $90.07 for the quarter, compared to $90.02 the same period last year. For the full first half, the average customer ticket was $90.92, compared to $90.82 the same period last year.
Sales per retail square foot totaled $684.65 compared to $700.62 last year, a 2.3% decrease. For the full six months, it reported sales per square foot of $638.5, compared to $661.27, a 3.4% decrease.
The Home Depot offers a wide selection of furniture on its website, across categories that include living room (upholstery and occasional furniture), bedroom, kitchen and dining room furniture, home office, entryway furniture, youth bedroom and playroom furniture. The products can be ordered online and picked up at the store or delivered to the home with free delivery on many items.
This year, the company ranked No. 27 on Home News Now’s 125 Furniture and Bedding Retailers, with $800 million in estimated furniture and bedding sales for 2022.
